About Steele County, MN

Attention all home sellers - we want to help you sell your home for the best possible price. We know you want that, too. The problem can lie between the realistic "highest price" and the unattainable "highest price". It's important to pay close attention to the recommendations of your real estate professional if they've done a thorough and complete job of preparing pricing information for you home. Here's a chart I've used to help sellers understand the importance of pricing properly for the market. As you can see, we tend to have the most buyer activity during the first 2-3 weeks on the market. If a house isn't priced right for the market, it may be overlooked by the appropriate buyers (because it's too high) and seen only by buyers who are actually comparing your home to others with features seen in a higher price range (the range you chose).

Now, no one has a crystal ball to price with complete perfection, and the shifting market has caused some homes sellers and agents to change previous pricing, but sellers, please do not give in to the temptation to price higher than you should for your market.

The unfortunate truth is that the home that is priced too high from the beginning of the marketing period will be on the market longer and will most often result in a lower selling price than if it had been priced appropriately (or adjusted quickly) from the start.

If you're looking to sell your home in the Owatonna area, Owatonna Real Estate Pros will be glad to help you determine the best price, and provide you with a comprehensive marketing plan (which includes all listings posted to www.localism.com and my Active Rain blog). As always, you can reach me at ljohnson@owatonnahome and Chad at chacker@owatonnahome.com for attention to your real estate needs.

All information is property of Lynn Johnson, CRS, GRI, MBA, Broker/Owner - Owatonna Real Estate Pros of Coldwell Banker Home Connection, Owatonna, MN

We've seen some recent drops in the mortgage interest rates. It looks like a positive time for buyers to think about moving. It's been a good time for buyers to find terrific values for homes in Owatonna. Here are the statistics for Owatonna's market through 6/16/09:

Sold 111 homes at an average sale price of $137,108 within an average market time of 112 days. Houses are selling for an average of 95.46 percent of the last list price and 90.18 percent of the original list price. We're still down in homes sold and volume from 2008, but we're seeing that gap close as the summer months heat up. The current listings have an average list price of $190,682 and they've been on the market for an average of 155 days. There are so many terrific values available right now.

Our lot inventory is plentiful with 366 lots currently available at an average list price of $45,024. We're fortunate to have many nice areas for building to choose from. We've seen a significant decrease in the number of building permits issued this year.

Market information is reliable but not guaranteed from the Southeast Minnesota Association of Realtors

Now that summer is in full swing, it's important to remember that on hot, humid days electricity is in big demand. As the day gets warmer, more and more electricity is demanded until a peak demand is reached. Supplying the electricity to meet this peak demand can be very costly. This is why it is very important to limit your use of electricity between 11:00 am and 7:00 pm. Here are just a few ways you can help reduce the cost of electricity for everyone while reducing the demand on our earth's natural resources.

* Try to reduce your air conditioner usage by turning the temperature on your thermostat up. This will allow your air conditioner to run less.

* If you're considering a new central air conditioning unit, find out the unit's Seasonal Energy Efficiency Ratio (SEER) before you buy. Only consider units with a 12 SEER or more. You'll end up cooling your house for much less money.

* Dehumidifiers should be set to 78% between 11 am and 7 pm.

* When you have a choice, try to use electricity before 11:00 am and after 7:00 pm. Laundry, cooking, dishwasher use, and other electricity using activities can often be done during the cooler parts of the day.

* Water your lawn early in the morning or in the evening. It takes a lot of electricity to pump that water and besides, you'll lose less of it to evaporation.

* Keeping your shades drawn during the day will prevent the sun from warming your house any more than it already is.

* Consider planning for the future and plant a shade tree. In the summer the leaves shade the hot sun from reaching your house. You'll benefit most if you plant them on the south and west sides of your house.

What a great time of year to enjoy outdoor activities and fun-filled events around Owatonna. Of course the parks are filling with people who enjoy riding their bikes, walking their pets, playing with kids and picnicking, but did you know that there's plenty more to do around town? Here's a list of things to do and events to enjoy that'll get summer off to a great start:

5/26/09 The Owatonna Chamber's Business After Hours will be held at the Steele County Historical Society, starts at 5:30

5/29 - 5/30 Smokin' in Steele for rib and BBQ lovers. This event has been proclaimed by the Governor as the State Championship Barbeque Competition. The event will take place at the Steele County Fairgrounds and several blues bands will be performing during the weekend.

5/30 Young Life holds its annual fundraising car wash at in the parking lot of the former Wal Mart.

5/30 The annual meeting of the Minnesota Rabbit Breeders will be held at the Steele County Fairgrounds

6/1 The Owatonna Country Club will host the annual fundraiser "Golf to Prevent Child Abuse" which benefits the Exchange Club Center.

6/4 Is the kickoff date for the 11 @ 7 Concert in the Park Series featuring the Tuition Daddies. The evening can be enjoyed at Central Park.

6/6 The much anticipated grand opening of the River Springs Water Park.

6/7 The class of 2009 graduates from Owatonna High School. The ceremony takes place at the 4 Seasons Centre.

6/11 - 6/13 The Minnesota Fire Department Convention will be hosted at the 4 Seasons Centre. There are numerous activities and events planned throughout the weekend.

6/12 Street Dance hosted by Just One More to honor the attendees for the State Fire Department convention.

6/13 Parade for Minnesota's Fire Department convention-goers followed by fireworks in the evening at the Steele County Fairgrounds

What's the Real Estate Buzz in Owatonna?

Things were picking up in April and early May. The outlook is brighter with increased activity. It seems that our spring market is about a month behind - just like our spring weather.

We're predicting that first time home buyers will be the mainstay of this market, along with buyers relocating into Owatonna for their jobs. According to my lending expert Brenda Bednar (through Advisor's Mortgage) she is taking applications from those two buyer niches. Property issues are becoming more of a challenge with the increase in foreclosed properties, many of which have deferred maintenance issues to contend with. If you have any financing questions you can contact Brenda at 507-455-1858. Her expertise will get you moving in the right direction.

According to the Southeast Minnesota Association of Realtors MLS our year to date activity is showing 91 closed residential listings in Owatonna. The average sale price of sold properties is $134,484 which is down from 2008 when the average sale price at this time was $159,861. I believe this trend is due to an increase in bank owned properties and the influx of first time buyers. Our average market time for sold properties is 115 days which is actually down from 139 in 2008 at this time. But looking back, I found that 2007 was 156, 2006 was 138 days and 2005 was 121 days, again for this same period. The market has changed.

At this time 114 homes are pending sale, and we have 214 active residential listings with an average list price of $195,490. They've been on the market for an average of 157 days. We hit over 300 listings before the end of 2007, so it's nice to see that number come down. We have 286 active building lots on the market.

Market cycles affecting housing come and go, just like all segments of the economy. Right now may seem like a challenging market, but it's also a market of opportunity. Investors and first time home buyers will be the obvious winners, but existing homeowners can profit, too. If you're looking to move up into a larger home - it's a great time to make that move. The inventory and prices of move up homes have never been more plentiful and attractive. Call or e-mail me today to learn about how this market can be beneficial for you. It's time to get moving.